Mary Ann Schmitt - Realtor

Mary Ann Schmitt - Realtor Mary Ann Schmitt, licensed Realtor in Rotonda West for Tall Pines Realty, Florida will help you buy or sell your home in this Southwest Paradise!

Mary Ann was born and raised in Hazleton, PA, and has lived in upstate NY for 36 years before moving with her husband permanently to Rotonda West. A retired School Counselor and Director of Guidance, Mary Ann brings an expertise in working seamlessly with people and planning for the future. She has easily transitioned her skills in the career and college search process to the property and home sea

rch process, and with a flair for design, she can also assist you in staging your home for resale. Whether buying or selling, Mary Ann is eager to help with any of your real estate needs.

Open House!! Sunday June 29; 1-3pm. 21 Sportsman Way, Rotonda West, FL 33947Make your appointment today! With over $117K...
06/28/2025

Open House!! Sunday June 29; 1-3pm. 21 Sportsman Way, Rotonda West, FL 33947
Make your appointment today! With over $117K in updates and a price tag of under $350, 000, this home should be on your list of must-sees ! Located in the popular deed-restricted golf community of Rotonda West, this 3 bedroom, 2 bath, 2-car garage, pool home has only had one owner, and has been nicely maintained. The home features vaulted ceilings, a split bedroom floor plan, sliding doors to the lanai from the dining room and primary bedroom, a large covered and uncovered lanai area, and newly painted pool deck, allowing for relaxing, entertaining, and enjoying life by the pool. You also have a view of the fresh water canal. The Primary bedroom en-suite has new Luxury Vinyl flooring, and the primary bathroom has a new faucet, new lighting and mirror above the vanity, and a new shower door. The guest bathroom also has a new faucet, new lighting and mirror above the vanity. The kitchen has a new sink and water filtration system. Aside from the Primary bedroom, the remainder of the house has ceramic floors, making clean-up easy. Other updates include a new roof and gutters, installed in 2023 and new pool enclosure with panoramic screens, also installed in 2023, This home is located in an X Flood Zone, and this, along with new hurricane-impact PGT windows, hurricane-impact Therma Thru doors, and insulated hurricane-impact garage door, will help with insurance costs. The exterior and interior of the home has been recently painted; smoke alarms and ceiling fans are new, window blinds and wood valances are new; and the front entry has had a new Schlage front door and deadbolts installed. The HVAC System was installed in 2019 and has been serviced every 6 months. This home is worry-free and just waiting for your personal touch!! You are conveniently located near excellent restaurants, shopping, Rotonda West's 5 golf courses, world class fishing and boating, and wonderful beaches. Enjoy your piece of paradise!! See more at https://www.realtor.com/realestateandhomes-detail/M5453498004

SOLD !!!!!! $549,000 MAJOR PRICE ADJUSTMENT! WHAT A STEAL!!! 198 Long Meadow Ln, Rotonda WestOpen House: 2/8 11-2Why w...
11/09/2024

SOLD !!!!!! $549,000 MAJOR PRICE ADJUSTMENT! WHAT A STEAL!!!
198 Long Meadow Ln, Rotonda West
Open House: 2/8 11-2

Why wait to build when you can move right into this gorgeous 2023 custom-built DM Dean home in the popular deed-restricted golf community of Rotonda West. This 3 bedroom, 2 bathroom, 3 car garage 2098 square foot home has all the bells and whistles, including an 11' x 11' bonus room which can be used as an office, den, bar room, etc. As you step inside, past the hurricane impact double door main entrance, you find yourself immersed in a spacious, open concept living area with soaring tray ceiling heights of 14'6 , and 10' zero-corner sliders, that allow in plenty of natural light. The kitchen is a chefs delight, equipped with new stainless steel appliances, a large pantry cabinet for storage, ample counter space, and a large island, perfect for entertaining. The beautiful granite countertops have a matte leather-look finish and the kitchen cabinetry features soft-close doors and slide out drawers. The dining area, which the owners have used as an additional seating area, looks out to the large screened-in lanai. The master bedroom features sliders to the lanai, two walk-in closets and an ensuite bathroom with double vanities and a separate walk-through shower with extended shower bench and rain head shower head The two additional bedrooms are well-sized with ample closet space, and ideal for family or guests. Additional features which are too numerous to state (refer to Features/Upgrades Sheet in the listing) include crown molding; upgraded tile floors, set on the diagonal; upgraded lighting; hurricane impact windows, doors and sliders; a roll-down hurricane screen which can be operated by remote or manual pole that conveniently creates for added indoor-outdoor controlled living; a Halo Water Infiltration System; attic foam insulation; wi-fi programmable thermostat controlled by your phone app, etc. The screened-in lanai is huge with an outdoor electric fireplace, perfect for entertaining or just relaxing--Florida living at its best-- and has a hook up for a summer kitchen, spa and generator. An additional 20' x 70' pavered deck has been added by the owners and overlooks a fresh water canal, where you can fish, or just enjoy the wildlife. To top all this off, EVERYTHING you see in the home conveys with the sale of the home!!! Don't miss out on this lovely home. You are conveniently located to excellent golf courses (Rotonda West, alone, has five), the area's sparkling intercoastal waterways, beautiful Gulf of Mexico beaches, restaurants, shopping, boating and world-class fishing. Enjoy the Florida sun. Make your appointment today.
https://www.realtor.com/realestateandhomes-detail/M6222566632

SOLD! Simply put, this house is a steal!!! Built in 2020, it has been fully customized by the Owners to the tune of ove...
08/29/2024

SOLD! Simply put, this house is a steal!!! Built in 2020, it has been fully customized by the Owners to the tune of over $137, 000 in upgrades (itemized in the attachment to the listing). First, lets talk about the lot the home sits onan estate-sized lot of over 1/3 acre on one of the prettiest boulevards (with sidewalks, bike lanes and newer homes) in the popular deed-restricted community of Rotonda West, on the Cape Haze Peninsula. Located in an X flood zone, flood insurance, as in this case, is optional. This 3 bedroom/ 2 bath/ 3 car garage pool home features a high end, custom designed kitchen with ceiling-height cabinets and soft close cabinets and drawers, level-5 exotic granite countertops, Blanco siligranite double sink and veggie/prep sink, Delta touchless faucets, and upgraded stainless steel appliances, including a wall oven/microwave combination and induction cooktop. The bathrooms also have been upgraded and feature the same style cabinets, level-5 granite countertops, beautiful tile and Delta touchless faucets. Remote-controlled quiet-designed ceiling fans and light fixtures throughout the house have been upgraded during the build, and over $16, 000 in window treatments and over $50, 000 of furniture from Bacons Furniture and Design compliment the entire house. The house has an open floor plan and split bedrooms and also features ceramic plank flooring throughout; a central vacuum system, making cleaning a breeze; tray ceilings; and crown molding. Included are 3 large screen televisions--65 LG in the living room and 47 Samsung units in the guest bedrooms. Designed for comfort and safety, all windows and doors are impact; an electronic roll-down hurricane super max screen protects the lanai, and rear of the home; and the new 20 x 40 panoramic view, no-seeum screened pool cage was built to withstand 140 mph winds. The pool and lanai area give you outdoor living and entertaining at its finest. Extended the entire length of the home, the 12 x 39 lanai features beautiful paver stones, an outdoor kitchen with marine grade cabinetry, and outdoor shower. For optimal enjoyment and comfort, the lanai features over $15, 000 in high end outdoor furniture from Bacons, including a propane fire pit for the occasional cooler evening. The gorgeous 15 x 32 saltwater heated pool features a large 6 x 10 sun shelf and adjoining whirlpool spa. The large backyard is fenced in and Areca palms along the rear of the property give you extra privacy. There is an irrigation system throughout. It just doesnt get any better than this. Offered completely turnkey, this homes also comes with a paver stone driveway, insulated, impact-rated garage doors and ceiling, keyless entry pad, a 6.25kw dual fuel (gas or propane) emergency generator set with connection to the electric panel through manual transfer switch, a self-propelled Ricoh lawn mower, grass trimmer, leaf blower and a garage refrigerator. The home is wired for cable TV and Wi Fi, and the lawn and pool care contracts are paid until 01/2025 and 09/2025 respectively. You have easy access to Rt. 776, and can enjoy Rotondas 165-acre community park, 30-mile fresh water canal system, and excellent golf courses (5 golf courses in Rotonda West, alone), along with the areas sparkling intercoastal waterways, beautiful Gulf of Mexico beaches, miles of walking and biking trails, tennis courts, restaurants, shopping, and world-class fishing. Just pack your clothes and toothbrush. You are home!!!

https://www.realtor.com/realestateandhomes-detail/M6649192765

07/12/2024

Consumers More Optimistic About Buying, Selling

A Fannie Mae economist expects home sales activity to pick up this year as mortgage rates decline. Already, more consumers are indicating now is good time to buy.

WASHINGTON – The Fannie Mae Home Purchase Sentiment Index (HPSI) increased 3.2 points in June to 72.6, rebounding from last month's dip and returning the index nearer the plateau it set earlier this year.

This month, 19% of consumers indicated that it's a good time to buy a home, up from 14% in May, which represented a new survey low. The share believing it's a good time to sell also increased, rising from 64% to 66%. Greater shares of consumers also indicated belief that home prices and mortgage rates would rise over the next 12 months. Among the household finance components, the percentage of consumers expressing a sense of job security jumped to 79%, an increase of 4 percentage points compared to May. The full index is up 6.6 points year over year.

“Affordability concerns remain the primary driver of consumer housing sentiment, even as the topline findings from our monthly survey showed a modest uptick in optimism on both homebuying and home-selling conditions,” said Mark Palim, Fannie Mae vice president and deputy chief economist.

“If mortgage rates decline through the end of the year, as we currently forecast, we do think home sales activity will pick up, but progress on that front is likely to be slow due to the ongoing imbalance between supply and demand. A significant majority of consumers continue to tell us that it's a 'bad time' to buy a home, and they're also telling us that they expect both home prices and mortgage rates to move higher over the next 12 months. Taken together, in our view, this leaves little upside to overall sentiment until meaningful progress is made on affordability – most likely in the form of either lower rates or improved supply. Of course, the flip side to a difficult purchase market is an advantageous sales market, and respondents also maintained their position that it's a generally good time to sell, pointing to high home prices as the primary reason."
Home Purchase Sentiment Index – component highlights

Fannie Mae's Home Purchase Sentiment Index (HPSI) increased 3.2 points in June to 72.6. The HPSI is up 6.6 points compared to the same time last year. Read the full research report for additional information.

Good/Bad Time to Buy: The percentage of respondents who say it is a good time to buy a home increased from 14% to 19%, while the percentage who say it is a bad time to buy decreased from 86% to 81%. As a result, the net share of those who say it is a good time to buy increased 9 percentage points month over month.
Good/Bad Time to Sell: The percentage of respondents who say it is a good time to sell a home increased from 64% to 66%, while the percentage who say it's a bad time to sell decreased from 35% to 33%. As a result, the net share of those who say it is a good time to sell increased 4 percentage points month over month.
Home Price Expectations: The percentage of respondents who say home prices will go up in the next 12 months increased from 42% to 45%, while the percentage who say home prices will go down decreased from 18% to 17%. The share who think home prices will stay the same decreased from 40% to 36%. As a result, the net share of those who say home prices will go up in the next 12 months increased 3 percentage points month over month.
Mortgage Rate Expectations: The percentage of respondents who say mortgage rates will go down in the next 12 months decreased from 25% to 24%, while the percentage who expect mortgage rates to go up increased from 31% to 33%. The share who think mortgage rates will stay the same remained unchanged at 42%. As a result, the net share of those who say mortgage rates will go down over the next 12 months decreased 2 percentage points month over month.
Job Loss Concern: The percentage of respondents who say they are not concerned about losing their job in the next 12 months increased from 75% to 79%, while the percentage who say they are concerned decreased from 24% to 20%. As a result, the net share of those who say they are not concerned about losing their job increased 8 percentage points month over month.
Household Income: The percentage of respondents who say their household income is significantly higher than it was 12 months ago decreased from 20% to 16%, while the percentage who say their household income is significantly lower decreased from 12% to 10%. The percentage who say their household income is about the same increased from 67% to 72%. As a result, the net share of those who say their household income is significantly higher than it was 12 months ago decreased 2 percentage points month over month.

About Fannie Mae's Home Purchase Sentiment Index

The Home Purchase Sentiment Index (HPSI) distills information about consumers' home purchase sentiment from Fannie Mae's National Housing Survey (NHS) into a single number. The HPSI reflects consumers' current views and forward-looking expectations of housing market conditions and complements existing data sources to inform housing-related analysis and decision making. The HPSI is constructed from answers to six NHS questions that solicit consumers' evaluations of housing market conditions and address topics that are related to their home purchase decisions. The questions ask consumers whether they think that it is a good or bad time to buy or to sell a house, what direction they expect home prices and mortgage interest rates to move, how concerned they are about losing their jobs, and whether their incomes are higher than they were a year earlier.

Source: Fannie Mae

© 2024 Florida Realtors®

SOLD!! With updates galore, you will not want to miss this lovely, well-maintained 3 bedroom/2 bath/2 car garage, water...
07/11/2024

SOLD!! With updates galore, you will not want to miss this lovely, well-maintained 3 bedroom/2 bath/2 car garage, waterfront pool home in the popular deed-restricted golfing community of Rotonda West. The property has beautiful curb-appeal with mature landscaping and lawn, fresh exterior paint, new roof (2022), and gorgeous lanai and pool area. AND the home itself is spotless and move-in ready. As you enter from a large, screened in entry-way, you will find double doors that lead to an open floor plan with vaulted ceilings; beautiful ceramic floors throughout, except for the bedrooms, which are carpeted; three spacious bedrooms in a split floorplan; and sliding glass doors which lead to the large lanai and pool from the dinette area off the kitchen, main living area, master bedroom, and one of the guest bedrooms. In addition to the roof, other updates include: new AC (2024), new granite countertops and faucets in the kitchen and bathrooms (2024), new pool screen enclosure (2023), newly painted pool deck (2023), new landscaping (2020), whole-house repiping (2020), new pool heater (2020) and new garage screen (2019). With safety and peace of mind, the entire house has hurricane protection, allowing for optimal insurance credits. You can relax or entertain on the large lanai which features a spacious covered area for eating and sitting, as well as pool deck where you can take advantage of the Florida sun, beautiful back yard, and freshwater canal. You have easy access to Rt 776, and can enjoy Rotonda's 165-acre community park, 30-mile fresh water canal system, and excellent golf courses, along with the area's sparkling intercoastal waterways, beautiful Gulf of Mexico beaches, miles of walking and biking trails, tennis courts, restaurants, shopping, and world-class fishing. Make your appointment today to view this exceptional home. Time to own your piece of paradise! MLS D6137238
https://www.realtor.com/realestateandhomes-detail/M5561541448

SOLD! 280 Rotonda Blvd N, Rotonda West $525,000 (Under contract in 2 days!)) Under contract-accepting backup offers. ...
05/31/2024

SOLD! 280 Rotonda Blvd N, Rotonda West $525,000
(Under contract in 2 days!)) Under contract-accepting backup offers. How would you like to live on one of the prettiest streets in Rotonda West, the popular deed-restricted golf community on the Cape Haze Peninsula? How would you like to live on an estate-sized lot of over one-third acre, in an X-Flood Zone, where flood insurance is optional? If so, you don't want to miss this beautiful, lovingly-maintained 3 bedroom/2.5 bath/2 car garage, Schroeder-built model pool home. This move-in ready home features over 2000 square feet of living space; high tray ceilings, 20 inch ceramic tile set on the diagonal in all rooms except the bedrooms, which are carpeted. The spacious kitchen features ample solid wood cabinets and counter space (perfect for entertaining), new granite countertops, back splash and pendant lighting, and an eating area in the kitchen with an aquarium window looking out to the lanai. You can also easily access the lanai from the kitchen. The kitchen overlooks the family room and is open and airy. The split floor plan features a master ensuite with a large bedroom, two walk-in closets and large bathroom with walk-in shower. The two nice-sized guest bedrooms, located on the other side of the house, have ample closet space and newer carpeting (brand new carpeting was just added to bedroom 2). In addition, the home features a more formal living room, and dining room with beautiful plantation shutters. Sliding glass doors lead to the lanai from the living room, family room and master bedroom, providing indoor/outdoor living at its best. The large lanai features covered areas for eating and sitting, and a stunning free-form heated pool (with a separate pool bath and outdoor shower), overlooking a beautifully landscaped yard. The pool enclosure has all new screens; the roof is new as of 1/13/23; the AC replaced on 12/09/20; and the pool heater added on 2/10/17. The entire house has hurricane protection (2016), and the exterior of the home was repainted just a few years ago. You have easy access to Rt. 776, and can enjoy Rotonda's 165-acre community park, 30-mile fresh water canal system, and excellent golf courses (5 golf courses in Rotonda West alone), along with the areas sparkling intercoastal waterways, beautiful Gulf of Mexico beaches, miles of walking and biking trails, tennis courts, restaurants, shopping, and world-class fishing. Make your appointment today. This is definitely one to see. Time to enjoy the Florida sun!

SOLD!!! 6796 Gasparilla Pines Blvd Unit 76, Englewood, FL 34224$215,000 - (Under contract in 3 days!)Under contract-acc...
05/31/2024

SOLD!!! 6796 Gasparilla Pines Blvd Unit 76, Englewood, FL 34224
$215,000 - (Under contract in 3 days!)
Under contract-accepting backup offers. Enjoy the Florida sunshine in this beautifully updated 2 bedroom, 2 bath condo, located in the popular 55+ community of The Village of Wildflower. Vaulted ceilings give an airy feeling as you walk into the condo from the newly screened-in entranceway to an open floor plan. Sliding doors that pocket all the way into the wall continue the living space into the tiled lanai with new screens and weather protective panels. Updated in 2020, the kitchen features newer cabinets, stainless steel appliances (french-door refrigerator, stove, microwave, and dishwasher), countertops, backsplash and garbage disposal. The indoor laundry room off the kitchen has newer washer and dryer, (also new in 2020) a cabinet and countertop for extra storage and laundry folding, and a new electric panel box. The electric water heater is 4 years old, and the AC is 6 years old. The living room/dining combination features new luxury vinyl flooring; the kitchen, laundry room, bathrooms and lanai are all tiled. No carpeting makes for easy clean up. The front entranceway features a closet, not something you always find in Florida housing, and there is a linen closet outside the guest bedroom, as well as a clothes closet in the guest bedroom. The master bedroom has a double wall closet, and also has access to the lanai. You are just steps away from the large community heated pool. Florida living couldn't be easier. Each unit has a covered carport and 10' x 3' storage shed, and there is plenty of guest parking. AND--for the convenience of the buyer, this unit is being sold TURNKEY FURNISHED! The Village of Wildflower is a lovely community, beautifully landscaped, with one of the lowest condo association fees. The roofs and carport roofs were all replaced in 2023. The location is adjacent to both the Lemon Bay Conservancy's Wildflower Preserve and the Amberjack Environmental Park, a bird-watcher's delight! You also have easy access to Rt 775 (Placida Rd), and are conveniently located near excellent restaurants, shopping golf courses, world class fishing, boating, and wonderful beaches. Enjoy your piece of paradise.

FOR SALE New listing 97 Mariner Ln, Rotonda West $299,000 Don't miss out on this lovely 3 bedroom, 2 bath, 2 car garage...
02/18/2024

FOR SALE New listing 97 Mariner Ln, Rotonda West $299,000

Don't miss out on this lovely 3 bedroom, 2 bath, 2 car garage, heated-pool home, built in 1993. Among the best-priced pool homes in the popular deed-restricted community of Rotonda West, it is offered turnkey (except for a few personal items) for the buyers' convenience. The home has nice curb appeal and a screened in front entranceway. A coat closet on each side of the front entrance, which you do not often see in Florida homes, is a plus. The home features vaulted ceilings that give a spacious feel and is nicely decorated and very well maintained. The home has a nice flow with a living room/ dining room combination and a functional kitchen with a breakfast nook and access to the garage and laundry. The layout is a split plan, with the master bedroom on one side and the two guest bedrooms on the other. Sliding doors from the dining room and third bedroom lead out to the pool area where you can take a dip in the beautiful free-form heated pool and relax in your own private back-yard haven, surrounded by palm trees. Pool alarms are on the sliding doors for an added measure of safety. Updates to the home prior to the current sellers' ownership include new exterior paint, new pool resurfacing and new pool deck resurfacing (completed in 2014) . The roof was also replaced in 2014, the AC was replaced in 2015, and more recently, a new AC sensor in 2023. A brand new pool cage, was installed in 2023. The pool is solar-heated (installed in 2014), and there are wood shutters for hurricane protection. The current owners have used the home as a vacation home and have earned strong rental income when they were not personally using it. Not only will you love this home, but you will enjoy Rotonda West's 165-acre community park, 30-mile fresh-water canal system, and 5 excellent golf courses, along with the area's sparkling intercoastal waterways, beautiful Gulf of Mexico beaches, miles of walking and biking trails, tennis courts, restaurants, shopping, boating, and world-class fishing. Don't let this one get away. Make your appointment today.
https://www.realtor.com/realestateandhomes-detail/M6732290193

01/22/2024

Florida Realtors chief economist: Watch for the market to reignite over the next several months. “We have weathered the worst of it.”

ORLANDO, Fla. – Watch for the Florida real estate market to slowly start growing in 2024 as interest rates flatten and consumers begin realizing what they’re seeing is the new normal in prices and interest rates, Florida Realtors® Chief Economist Dr. Brad O’Connor said during the annual Florida Real Estate Trends Summit on Friday.

Florida saw almost $200 billion in closed sales in 2023, which wasn’t far below 2022, a super-strong sales year post-pandemic, he told a packed room of Realtors®. Moreover, that number was substantially higher than in the pre-pandemic year of 2018, according to Florida Realtors data.

“There’s still a lot of money flowing through our industry. We’re not dead,” O’Connor said. “Over the next several months, the market could reignite a little bit. Even though there aren’t as many homes for sale, the ones that are for sale are selling for more.”

The summit was part of this year’s Florida Realtors’ Mid-Winter Business Meetings at the Hyatt Regency Orlando. In addition to O’Connor, the summit featured Dr. Sean Snaith, a nationally recognized economist in the field of business and economic forecasting. Snaith has won multiple awards for the accuracy of his forecasts and research.

Mortgage interest rates have likely peaked, and there’s a good possibility that the Fed could begin cutting rates in the coming months — and that could reinvigorate buyers. O’Connor speculated a cut to below 6% could be in the forecast with the first relief possibly coming by May.

“The psychology of buying or selling a home is closely tied to these rates,” he said.

In addition to interest rates, Florida’s high property insurance prices paired with inflation continue to slow buyer demand, O’Connor said.

“People are still saying the real estate market is going to crash. But that’s just not the case,” he said, explaining that adjustable-rate mortgages, which played a large part in the housing crisis of the aughts, aren’t as widespread. “We have weathered the pandemic with no foreclosure crisis. We are not in a position for a crash to happen.”

Recession on the horizon?

Both O’Connor and Snaith acknowledged that signs point to a slowdown in economic growth at the national level, but that a full-blown recession isn’t likely. Even so, Florida’s strong economy is well-positioned.

“We are forecasting a slowdown, not a downturn at this point,” said Snaith. “I think Florida is prepared to weather any national economic storm. We’re ready.”

A few of the factors buffering the Florida real estate market from some national economic trends include:

The state’s labor market is strong. (Snaith: “Paychecks are still coming in.”)
Florida’s population growth remains strong at about 1,000 new people a day. (Snaith: “An increase in population means an increase in economic activity.”)
The state is still attractive to “untethered” remote workers. (O’Connor: “The workplace will never be what it used to be.”)
Retirees with home equity looking to relocate are unfazed by high interest rates.

Snaith pointed out, however, that “commercial real estate has a much bumpier road ahead than does residential” in 2024. Commercial lending has gotten significantly tighter and is still feeling repercussions of the “work from home” transition.

© 2024 Florida Realtors®

06/04/2023

In late 2022, when home prices leveled off in the face of rising mortgage rates, many prospective homebuyers hoped for a major housing market correction. Many “experts” on YouTube have been predicting a market crash for months.

So far, it hasn’t happened. In fact, one industry report says prices in many areas of the country are still going up, even while sales decline.

The S&P CoreLogic Case-Shiller Indices, a thorough but lagging indicator of U.S. home prices, shows home prices recovered in March in all 20 major metro markets it monitors. Prices were up over February but down compared to March 2022. But there were plenty of exceptions.

Miami, Tampa, and Charlotte reported the highest year-over-year gains among the 20 cities in March. Miami led the way once again with a 7.7% year-over-year price gain, followed by Tampa in second with a 4.8% increase, and Charlotte replacing Atlanta in third with a 4.7% increase.
Prices are down in the most expensive markets

The cities where prices have fallen tend to be markets where prices have increased the most over the last couple of years. There are 19 of 20 cities reporting lower prices in the year ending March 2023 compared to the year ending February 2023, but even Chicago showed a small increase in March.

So why are prices going up again when the economy is slowing and mortgage rates remain above 6%? Housing experts say the answer is simple – it’s supply and demand.

Yes, it’s more expensive now to buy a home but there appear to be more people willing and able to buy than there are available homes. Greg McClure, a Realtor with Realty ONE Group in Sacramento, says that’s the case in his market.

“Sales are trending up, home prices are trending up but inventory will remain an issue through the rest of the year,” McClure recently told us.
Buyers face more competition

The lack of inventory means there is more competition among buyers. Homes don’t remain on the market for very long and sellers sometimes get multiple bids, even in this high interest rate environment.

The National Association of Realtors (NAR) reports sales of existing homes dropped 3.4% in April but the median price declined only slightly. In many markets, it went up.

"Roughly half of the country is experiencing price gains," said Lawrence Yun, NAR’s chief economist. "Even in markets with lower prices, primarily the expensive West region, multiple-offer situations have returned in the spring buying season following the calmer winter market. Distressed and forced property sales are virtually nonexistent."

Housing experts say this situation exists largely because the pace of building new homes has slowed considerably for more than a decade. New single-family home construction peaked in 2006 and hasn’t approached that level over the last 17 years.

06/02/2023

New data from the National Association of Realtors shows homes for sale sold faster in April than they did in March. The typical property sold in just 22 days. That is down from 29 days the month before, but up from 17 days last year at the same time. Overall, 73 percent of homes sold during the month were on the market less than 30 days.

The quickening pace of home sales is a sign that home buyers remain active, despite low inventory and mortgage rate volatility. Despite buyer demand, total sales fell in April, dropping 3.4 percent from the month before. Lawrence Yun, NAR's chief economist, says the market is up-and-down right now. "Home sales are bouncing back and forth but remain above recent cyclical lows," Yun said. "The combination of job gains, limited inventory, and fluctuating mortgage rates over the last several months have created an environment of push-pull housing demand."

Address

1500 S. McCall Road
Englewood, FL
34223

Website

Alerts

Be the first to know and let us send you an email when Mary Ann Schmitt - Realtor posts news and promotions. Your email address will not be used for any other purpose, and you can unsubscribe at any time.

Contact The Business

Send a message to Mary Ann Schmitt - Realtor:

Shortcuts

Featured

Share

Category